The V.I. Office of Disaster Recovery has announced the launch of the “Own a Lot, Build a Home” First-Time Homebuyers Assistance Program. This new initiative is designed to help Virgin Islands residents who own land but lack the necessary financing to construct a home. The initiative provides a zero percent interest forgivable loan to qualified applicants, easing the financial burden of constructing single-family homes on undeveloped properties. The program plans to utilize disaster recovery funding to help Virgin Islands subsidize expenses relating high construction costs.
The VI Consortium reported that the program provides 50 percent of construction costs to first-time homeowners. On St. Croix, the sum is capped at $498,257; $639,400 on St. Thomas, and $1,09,150 on St. John.
To apply for the landowners who have resided in the territory for at least three years must complete the first-time homebuyers program offered by the V.I. Housing Finance Authority and an application through participating lending institutions Banco Popular or Rural Development. Read more about the program in this VI Consortium article and this VI Daily News article.
Purchasing real estate is likely to be the biggest and most complex financial transaction a person will make in their life. A trusted real estate professional is a strong advocate who understands the information and the process. As experts with knowledge of the local market, we are well prepared to guide Buyers through all the practical details and potential obstacles which may occur during the purchase process.
We are your information resource, negotiator, advocate, problem solver, and calendar watcher. Even if you have bought property in the states, buying in the US Virgin Islands can be different.
Buying real estate is unlike buying anything else. It’s complicated. An experienced Realtor is the close professional ally who can make a world of difference for you. If you are considering buying property here on St. Croix, please contact us, and let’s start working together towards reaching your goals!
In the video below we walk you through the 15 steps to buying a home. Let us know if you have any questions!
We are excited to hear about Seaborne Airline’s addition of the new aircraft and overhaul of the existing seaplanes! According to Seaborne’s general manager as reported by WTJX, the new fleet will result in more connectivity and reliability when it comes to inter-island travel and allow Seaborne to expand its operations throughout the Caribbean. The new seaplane will be operating between St. Croix and St. Thomas.
The U.S. Virgin Islands is considering expanding its maritime capabilities with a new shipyard in the South Shore Trade Zone (SSTZ) on St. Croix, according to the V.I. Economic Development Authority, which commissioned a feasibility study conducted by First Marine International, a subsidiary of Royal Haskoning DHV. The VI Consortium reported recently that a feasibility study indicates a new shipyard could substantially increase employment and economic benefits in the U.S. Virgin Islands. The article points out that while the study concludes the economic viability of the shipyard, it recommends further evaluations concerning capital expenditures and exploring alternative funding sources before proceeding. The potential for private sector involvement and the development of a skilled workforce through local training and apprenticeships are seen as critical elements for the shipyard’s success.
The possibility of the shipyard bringing significant boost to local economic growth is fantastic news. Read the full article here.
The National Trust for Historic Preservation unveiled on May 1 it’s 2024 list of America’s 11 Most Endangered Historic Places and the Whim Museum is on the list. According to WTJX, the Whim Museum made the list because additional resources are needed to repair its colonial-era buildings that have been repeatedly damaged by hurricanes. Tiffany Tolbert, senior director for Preservation of the African American Cultural Heritage Action Fund at the National Trust for Historic Preservation, visited the museum’s 12-acre grounds to learn more about the ongoing disaster recovery efforts. and discussed resources available to help restore the hurricane-damaged buildings.
WTJX also reported that the exposure from the Whim Museum’s inclusion on this year’s 11 Most Endangered list is just one way the Landmarks Society is being put in the spotlight to receive restoration resources. Whim Museum is also slated to receive disaster recovery funding. Also the Landmarks Society recently announced that the signing of the MOU and designation of Whim Museum on the NTHP list will put the Whim Museum on a steady path toward full restoration.
We hope the attention Estate Whim Museum is receiving will bring about the much needed preservation and restoration work that it needs! Read the full WTJX article here.
The museum is the oldest sugar plantation museum in the Virgin Islands. Its purpose is to increase the understanding of a colonial sugar plantation to both island residents and visitors. Exhibits and guided tours are designed to interpret the economics of a plantation, explain the procedures used in the cultivation and processing of sugar, and describe the everyday life of the people who lived and worked there. Learn more about the Whim by visiting its website.
